Cosmos Health’s crypto treasury was worth $1.66 million at June 30, down about 46% from its $3.1 million cost basis and leaving approximately $1.44 million in unrealized, or paper, losses. The company held 474.85 ETH and 15.66 BTC, with Ethereum accounting for $1.25 million, or 87%, of the shortfall. Cosmos also warned that recurring losses, cash burn, insufficient revenue and dependence on outside financing raised substantial doubt about its ability to continue as a going concern over the next 12 months. The financing structure led to substantial dilution, with shares outstanding rising 145% from 41.07 million at the end of 2025 to roughly 100.6 million by Aug. 18.